Deals Help Internets End Higher
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While broader averages struggled through the day, Internet stocks ended on the upside, spurred by several big deals.
internet.com's Internet Stock Index was up 3.71, or .61 percent, to 614.23, the Nasdaq Composite had jumped 30.95 to 3,155.99 and the Dow Jones industrial average was off 19.58 to 10,597.74.
Amazon Wednesday took a 4.4 million share stake in the Internet credit card issuer and announced a $150 million electronic commerce alliance with Nextcard.
Sun Microsystems Inc. (SUNW) had climbed 7/8 to 113-3/16 and Sony Corp. (SNE) had jumped 6-3/16 to 176-3/16. The two companies Wednesday unveiled plans to collaborate on Internet devices for consumers.
Drugstore.com Inc. (DSCM) was up 2-1/2 to 32. The company entered a strategic agreement with ProVantage Health Services (PHS), which is a healthcare product and service provider. Drugstore.com will be ProVantage's official online drugstore.
Real Networks Inc. (RNWK) was up 8-7/8 to 135-7/8. The streaming media company is reportedly in talks to buy Scour.net, a search engine company, for approximately $100 million. Also, customers of RealNetworks filed a class action suit for privacy violations. It is the second suit filed against the company.
In IPO news, Next Level Communications Inc. (NXTV) had rocketed 31-1/2 to 51-1/2. The broadband communications equipment maker sold 8.5 million shares at $20 Tuesday. The IPO price was upped from its original range of $10 to $12.
Expedia.com (EXPE) soared 38-5/16 to 52-5/16. The online travel booking service of Microsoft Corp. (MSFT) sold 5.2 million shares at $14 each. Goldman Sachs and Morgan Stanley were the lead underwriters.
SonicWALL boosted the price range on its IPO from $10-$12 to $12-$14. The company is a provider of secure, broadband access to small and medium size businesses. The company plans to issue 4 million shares and the lead underwriter is Bear, Stearns & Co.
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